Training and Development for Accountants: Building Skills for Success

As the financial industry continues to evolve rapidly, the training and development of accountants has become more important than ever. Accountants are not just accountants anymore; they are now also strategic advisors, data analysts, and professional decision-makers helping to grow businesses. In this environment more than ever, learning and growing is about constantly enhancing skills to be relevant and adaptable.  So, training and development is a critical investment for individuals and organizations alike. 

Why Training and Development Matters for Accountants

Accounting is a field of practice that is rapidly changing, just like many other professions, in this quickly evolving world of technology, regulations and globalization. Accountants now face advances in accounting software, changing tax legislation, complicated state and local tax laws, and evolving standards such as IFRS or GAAP. As a result, accountants need to be current and continuously engage in training and development. 

Failure to engage in continuous training and development, can result in mistakes and missed business opportunities, as well as inefficiencies.

The role of the accountant has expanded. Accountants have key roles in financial planning, risk management, compliance, and significant and strategic decision-making. To be relevant in these areas, accountants need wider skillsets, including analytical thinking, communications skills and technological competence.

As a result, organizations, and accountants need to engage in training and development to be relevant, and competitive in the industry. 

Types of Training and Development for Accountants

Accountants may participate in training and development events that vary significantly in nature according to career stages, industry, and individual circumstances. The following is a selection of training that is generally accepted as suitable for accountants:

1. Technical Accounting Training

This is the starting point for any accountant’s training and development.  It is the stage of learning or revising accountancy principles, standards, and regulations such as IFRS, GAAP, tax regulations, auditing, and financial reporting. Technical training means accountants will learn to draft the financial statements, and reports accurately and in compliance with accounting standards.

2. Software and Technology Training

The work of Computers in accounting is changing the profession.  Accountants must be trained to use ERPs such as SAP, Oracle, and QuickBooks, or data analytics software such as Power BI and the more advanced functions of Excel. Accountants need to be trained in the use of automation tools, cloud accounting and AI applications that will help them work more effectively and efficiently and allow them to draw conclusions from financial information quickly.

3. Development of Soft Skills

Increasingly important in the accountant’s training and development needs are communication, leadership, and interpersonal skills. In the majority of cases, accountants are called upon to clearly communicate their accounting outputs to non-finance stakeholders or lead a team. Accountability training would improve an accountant’s successful influence and collaboration skills.

4. Professional certifications and continuous learning

Professional certifications such as ACCA, AAT, CMA, or CIMA are often part of an accountant’s development. Many organizations consider ongoing education to ensure accountants meet CPD (Continuing Professional Development) obligations, while also staying current with better practices. 

5. Compliance & Ethics Training

As regulatory scrutiny increases, training and education on compliance, corporate governance and ethics takes on increased importance. Accountants must understand their duties to promote transparency, avert fraud, and protect the public interest. 

Benefits for Accountants of Training and Development

Training and staff development for accountants is highly beneficial to both individuals and organizations:

Enhanced Competency and Confidence

On-going professional education gives accountants knowledge and tools needed to overcome complex work situations. More knowledge leads to greater confidence and competency as individuals, which leads to better quality of work and fewer errors.

Greater Opportunities for Career Advancement

Accountants who focus on continued self-development are more likely to accelerate their career paths. Education often establishes doors for various advanced roles, specialized/non-specialized accounting functions, and/or leadership roles.

Ability to Adapt and Manage Changes in Profession

The accounting profession is definitely ever-changing. Training and development programs provide accountants the tools and experiences needed to recognize and respond quickly to changes in outdated regulations, new software updates or changing business needs.

Increased Efficiency and Productivity

Once an accountant learns how to operate advanced accounting software or automation tools that could support their work, the accountant will work more efficiently at completing routinized tasks, allowing them to spend more time performing analysis and forward-thinking tasks.

Improved Organizational Outcomes 

When accountants are trained and develop professionally, organizations benefit from sound financial reporting, compliance, decision-making, and financial health overall. 

How to Initiate Training and Development for Accountants 

Those organizations that want to benefit from training and development for accountants should consider a systematic approach to maximize training: 

Identify Training Needs

Identify training needs by completing a skills gap analysis to find out what the accountants need to develop or improve upon. A skills gap analysis can be accomplished by performance review analysis, performance feedback, or surveys. 

Tailor Training Programs

Tailor or select training programs that meet the needs of the accounting team and organizational goals and objectives, including both technical skill development, soft skills, and technologic development. 

Employ a Variety of Learning Techniques

Employ a range of learning techniques; including workshops, online courses, webinars, coaching, mentoring, and work or project based training. Blended learning enhances engagement, value, and retention. 

Promote Certification and Continuing Education

Encourage accountants to participate in professional certifications and participation in industry conferences and seminars for development. Participating in certification programs and the industry conference and seminars provides value, helps develop knowledge and skills, and improves employee engagement. 

Evaluate Training Effectiveness

Ultimately, organizations must consider how they will assess the training’s effectiveness. Accountants must continue to demonstrate measurable improvement in their performance, knowledge retention, and satisfaction with the training to evaluate the most beneficial for future training. 

The role of Technology in Training and Development for Accountants

The digital revolution has changed how we deliver training and how we access training. Online learning platforms, virtual classrooms, interactive modules, etc. have allowed accountants to learn when, where and how it suits them to fit training into their busy schedules.

The uses of AI and machine learning to personalize learning can produce exceptionally individualized learning paths for accountants based on their progress, what they enjoy and other self-directed learning experiences. The use of simulation tools allows an accountant to access practical experience using real-world accounting scenarios which have proven to deliver more effective results.

Collaboration tools allows training to happen amongst accountants regardless of their location, and Chiefs (CFO/Controllers) can glean and share best practices with their teams, therefore making a commitment to encouraging a multitude of continuous learning opportunities. 

Challenges in Training and Development for Accountants

While training and development has had great momentum and importance, there are challenges to the successful implementation of training and development for accountants:

• Time: Accountants are busy people. It is hard to carve out extra time in a schedule when a workload is plentiful. 
• Cost: Some training programs, such as all related certifications and advanced training courses can be expensive.  
• Keeping Content Relevant: The speed of change for everything, accounting/finance, technology, education and training means content can become obsolete or irrelevant very quickly. 
• Engagement: It always comes back to ensuring that the training experience is engaging enough to be worth the time to participate or trend towards being actionable in an effort to retain knowledge. 

Addressing all these challenges can help foster a commitment to training and development – and it takes willing leadership, resourcing/training people, innovative and creative ways to deliver training.

Conclusion

To sum up, accountants’ training and development are a worthwhile and ongoing investment that will continue to pay dividends to the accountant and the organization. By continuing to develop their skills, accountants will be able to meet the changes and challenges of a complex and ever-changing financial world, improve their work-related outcomes, and position themselves as important to the success of the business. 

Organizations that commit to structured, ongoing training programs will benefit from a skilled, challenged, and flexible accounting workforce. Where the accounting profession continues to evolve, learning and development must continue to as well.

If you are an accountant or if you are a business leader, now is the time to recognize the need for training and development for accountants and maximize the impact, effectiveness, and development of your financial team.

Looking for effective team training and employee upskilling? Connect with us to empower your accounting team.